India set a target of 378 runs, but the Jasprit Bumrah-led visitors lost the match by seven wickets as England recorded their highest successful chase in Test cricket. The target was also the highest India have set.
ICC ruled that India were ruled to be two overs short of the target after time allowances were taken into consideration.
"In accordance with Article 2.22 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to minimum over-rate offences, players are fined 20 per cent of their match fee for every over their side fails to bowl in the allotted time," the ICC said in a statement.
On-field umpires Aleem Dar and Richard Kettleborough, third umpire Marais Erasmus and fourth umpire Alex Wharf levelled the charge.
Match referee David Boon imposed the sanctions.
"In addition, as per Article 16.11.2 of the ICC World Test Championship (WTC) playing conditions, a side is penalised one point for each over short. Consequently, two WTC points have been deducted from India's points total."
India, the finalists in the inaugural edition of the World Test Championship, are currently fourth in the table with 52.38 PCT, behind Australia, South Africa and Pakistan. England are seventh.
Bumrah accepted the sanctions, so there was no need for a formal hearing.
The series, which spilled over to this year due to COVID-19 cases in the Indian camp last year, ended 2-2.